All Forum Posts by: Aaron Mercer

Welcome @Robert So! Read the blogs, listen to the podcasts and be sure to set up keyword alerts. Everything you ever need to know about RE investing is on this site.

Best of luck!

@Jon Dixon I agree with @Chad Duval the bank is generally the best bet!

Give us more info. Are the properties you already own cash flowing? How long have you owned them for? What are the prices of your units?

The answers to the above questions can certainly impact your ability to borrow/refinance.

@Jayakrishna Bommasamudram Yes! I am anti-guru! It takes some convincing for me to part with the $20k or more these guys are asking for courses. That's the down payment on a house in the market I play in.

I don't understand software. I'm a pen and paper guy or at best an excel spreadsheet, so I fail to get the 'drool' factor for these tools. Both yourself and @Helen Kirk are Pro Members here on BP and as such can use the analysis tools as frequently as you wish. For estimating rehabs just buy the books from @J Scott - "The Book on Flipping Houses" and "The Book on Estimating Rehab Costs". A website like Zillow can offer you comps.

What else do you need?

I think @Jeremy Tillotson hit the nail on the head. These 'gurus' are marketing pimps.

@Andrew Dorazio You answered the question yourself - if you continue with the current property manager you will run out of cash. Fire them.

I'm new to the RE investing game here in the US and have fortunately not run into any issues yet with property managers here. Back home in Australian we had an almost identical experience to yours. Performance was great for years then they lost focus. We fired them after a year of poor management, paying the price (literally) for not taking action earlier.

Good luck!

@Mitchell Zischke Welcome! You've found the right place - already plenty of great links and advice above.

I'm also an Aussie and have been based in California for two and a half years now. You're moving to a great part of the country for cash flowing properties. Here in Cali it's not that different from Oz. I think @Nat C. is spot on. With a median house price in Sydney of well over $800k your dollars will go a lot further in your new home.

Best of luck!

@Cossandra Spears If you're looking to acquire rentals and this is your first deal then conventional banks might be the best options. Loans from regular banks are not hard to get assuming you have a day job and an ok credit score. The interest rate is also far better than private money.

Tell us more about the deal? Is it in ok condition or does it need work? This impacts funding options.

Ahhh... You got me there @Ben Leybovich.

@Mark Higgins Go into marketing! You caught my eye!

I am one of those anti-Guru guys. My wife and I once attended a 'free' seminar that was simply a sales pitch for the Guru course. We didn't take the bait and went on to use that money to acquire a cash flowing property instead. I have no doubt we're ahead.

You also say UNDER $1,500. The Guru courses I've seen generally sell for much more than this. I have a friend who spent $20,000 on a course. If you are looking at the under $1,500 course I know @Ben Leybovich has an online course that would fit your criteria. Although I've not taken it I'm certain the content is rock solid.

@Mark Denning I agree with @Account Closed.

We have just closed on a short sale that need repairs. After receiving a few quotes we went back to the seller and had the price reduced. Even with a bank involved there is wiggle room.

Get a few quotes and see the damage. Fixing these problems may not cost that much. The inspection reports are often daunting but really the problems may not be as large as you think or deal breakers.

@Nancy L. Well it seems as though there are many great suggestions. If it's camping you want I would stick to hwy1 between San Luis Obispo and Monterey/Carmel where you can camp along the way.

There have also been a number of suggestions for the wine regions. If you do come by let me know. Winemaking is my day job and I be happy to show you around the Central Coast.